EUR 100M in compensation for destroyed housing: Ukraine signs agreement with European bank

EUR 100M in compensation for destroyed housing: Ukraine signs agreement with European bank

Ukraine will receive €100 million from the Council of Europe Development Bank to compensate for housing destroyed as a result of Russia's armed aggression.

That’s according to the press service of Ukraine’s Finance Ministry, Ukrinform reports.

“On June 11, on the sidelines of the Ukraine Recovery Conference (URC2024), Minister of Finance of Ukraine Sergii Marchenko and the Governor of the Council of Europe Development Bank Carlo Monticelli signed an agreement to provide Ukraine with a EUR 100 million loan under the ‘HOME: Compensation for Destroyed Housing’ project,” the report says.

As noted, the HOME project will be implemented throughout the government-controlled territory of Ukraine. The funds raised will be used to support the direct assistance mechanism (housing certificates), through which the final beneficiaries, including war veterans, disabled people and large families, will receive compensation for housing destroyed by Russian terrorist attacks in the form of housing purchase certificates. 

Read also: EIB planning to provide over EUR 1B to restore critical infrastructure, support businesses in Ukraine

“Russia's full-scale war has caused more than USD 50 billion in damage to Ukraine's housing sector. The HOME project will support the affected citizens in returning to a normal life as soon as possible,” said Marchenko.

The project is being implemented as part of the eRecovery service and by the current legislation, namely the Law of Ukraine "On Compensation for Damage and Destruction of Certain Categories of Real Estate as a Result of Hostilities, Terrorist Acts, and Sabotage Caused by the Armed Aggression of the Russian Federation against Ukraine." 

Citizens can submit requests and, as a result, receive compensation certificates for damaged property. A special Compensation Commission will verify applications and select requests. It will be possible to track the case's progress in the Diia app. 

As reported, in June 2023, Ukraine completed the accession process and became the 43rd member state of the Council of Europe Development Bank. On November 7, 2023, Deputy Minister of Finance Olga Zykova was appointed as the representative of Ukraine to the Administrative Council of the Council of Europe Development Bank (CEB) by the Decree of the President of Ukraine.

Photo: Finance Ministry

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